Specialist bad credit mortgage lender, Precise Mortgages has just launched a bad credit right to buy mortgage. The mortgage is aimed at those tenants who want to buy their own home but have experienced previous adverse credit. Precise is supporting the Government initiative giving tenants renting Council or Housing Association property the chance to buy their home. A discounted purchase price will be offered by the Council / Housing Association depending on the length of tenancy.
Precise will lend 100% of the discounted purchase price assuming it does not exceed 75% of open market value. They will currently only lend on house purchases in England. Precise are offering a suite of bad credit right to buy mortgage products with rates starting at 5.39%. Minimum age on application is 21 and maximum age is 70 (75 on referral with proof of retirement income). The primary applicant must earn at least £15,000 per year and up to two applicants are allowed on an application.
Bad Credit Right to Buy Mortgage Launch Rates & Allowable Adverse
- 5.39% 2 year fix or 5.59% 5 year fix as long as no CCJ’s & Defaults registered in last 2 years. The lender will allow Debt Management Plans as long as they were satisfied over 3 years ago. An applicant must not have secured loan / mortgage arrears worst status of 1 in 36 (O in 12).
- 6.79% 2 year fix or 6.99% 5 year fix as long as only 1 CCJ in last 2 years. (Max £1,000 value in last 12 months but unlimited thereafter.) 2 Defaults registered in last 2 years up to a maximum value of £1,500 in the last 12 months but unlimited thereafter. The lender will allow Debt Management Plans as long as they were satisfied over 3 years ago. An applicant must not have secured loan / mortgage arrears worst status of 3 in 36 (1 in 12). The applicant must not have any defaults or CCJ’s registered in the three months before application.
- 7.09% 2 year fix or 7.29% 5 year fix as long as no more than 3 CCJ’s in last 2 years. The lender will allow up to 5 Defaults registered in last 2 years. The lender will allow Debt Management Plans as long as they were satisfied over 3 years ago. An applicant must not have secured loan / mortgage arrears worst status of 3 in 36 (1 in 12). The applicant must not have any defaults or CCJ’s registered in the three months before application.
Mosaic Mortgages are specialist bad credit right to buy mortgage advisors and we can assess your particular circumstances and advise you of the most appropriate mortgage for your needs. Contact us for a no obligation quote and to see whether you are eligible for any of the specialist bad credit mortgage schemes currently available.
